TechNigeria: A weekly digest of what went down in Nigeria’s tech space

Welltec, AKHDAR, Neighbourgood, Lynx, Raiven Capital, Bolt Food, Shekel Mobility, Wicrypt Network, UfarmX, Guideli, Mafhoom Technologies, Pineapple, KudiGo, AltSchool, were some of the names that made the headlines this week.

OpenAI, the parent company of ChatGPT, has sacked its chief executive officer, Sam Altman, over a lack of confidence in his ability.

Also, Zenith Bank of Nigeria, in collaboration with Seedstars, has unveiled Zecathon 3.0, a startup competition designed to identify, support, and mentor MVP-stage startups in Nigeria.

Let’s get into details.

OpenAI, the parent company of ChatGPT, has sacked its chief executive officer, Sam Altman, over a lack of confidence in his ability.

In a statement issued late on Friday, the company said Altman “was not consistently candid in his communications with the board.”

The company’s chief technology officer, Mira Murati, will lead the company in an acting capacity pending the appointment of a substantive CEO by the board.

A Financial Wellness Technology (FinWellTech) firm, Welltec, has announced closing a substantial R100 Million ($5.4M) investment from Legacy Africa Capital Partners’ (LACP) Fund 1.

Welltec’s FinWellTech software is designed to create personalized and configurable financial wellness programs as tech designers seek to providing a valuable resource for individuals grappling with the complexities of personal loans amidst economic adversity.

For LACP, the strategic investment aligns with their dedication to fostering innovation in the financial technology sector, highlighting their confidence in Welltec’s proficient and diverse management team.

South African prop-tech enterprise, Neighbourgood, has acquired travel-tech firm Local Knowledge, signaling a strategic move to integrate travel experiences into its service portfolio.

Founded by Murray Clark, Kim Clark, and St John Gardner, Neighbourgood is dedicated to enhancing neighborhoods globally.

Boasting over 1,000 existing living and working spaces, along with an additional 650 slated for development in 2024, the company has rapidly become one of Africa’s fastest-growing hospitality entities.

Zenith Bank of Nigeria, in collaboration with Seedstars, has unveiled Zecathon 3.0, a startup competition designed to identify, support, and mentor MVP-stage startups in Nigeria.

The competition boasts a prize pool of NGN59 million (US$73,000).

Beyond financial incentives, Zecathon 3.0 offers comprehensive business support, including training, mentorship, and networking opportunities with investors, facilitating the growth trajectory of participating startups.

Fintech pioneer Lynx has successfully raised £15 million (€17 million/$18 million) in a Series A funding round, with key contributions from leading investor Forgepoint Capital and Lynx stakeholder Banco Santander.

Established two decades ago by computer scientist and AI specialist Carlos Santa Cruz, who currently serves as Chief Technology Officer, Lynx utilizes advanced AI and machine learning technologies to identify and prevent financial crime and fraud across various channels.

Serving financial institutions across Europe, the UK, the US, and Latin America, Lynx boasts an impressive client roster, including Banco Santander and Cielo, the largest credit and debit card operator in Brazil.

In a significant development, AKHDAR, a leading Egyptian edtech startup, has closed a substantial six-figure USD funding round from the Saudi Arabia-based venture studio, Value Maker Studio (VMS).

The infusion of funds aims to propel AKHDAR’s expansion into the Kingdom of Saudi Arabia.

Established as a YouTube channel in 2016, AKHDAR swiftly evolved into a robust entrepreneurial venture, culminating in the launch of its independent platform in 2020.

Raiven Capital has announced a $125 million venture capital fund at the Dubai International Financial Centre (DIFC), with a mission to bolster technology pioneers in the realms of AI, IoT, and Distributed Ledger Tech.

This substantial fund is poised to concentrate on digital platforms that disrupt value chains across finance, energy, health, environment, food sectors, and beyond.

With a vision to forge connections between its origin, Canada, and Dubai, Raiven Capital is committed to bridging high-growth tech ecosystems.

Nigerians will no longer have the option to place food orders through the Bolt app, as the all-in-one mobility platform, Bolt, is seeking an exit to discontinue its food delivery service.

The move comes barely two years after the launch of the food delivery arm of the company.

At launch, it entered the market to compete with platforms such as Jumia Food, Glovo, and ChowDeck across various cities.

Shekel Mobility, an African B2B auto marketplace, has secured a $7 million investment to fuel its expansion.

The cofounder of the startup, Benjamen Oladokun, confirmed the development in a press release seen by Ripples Nigeria on Tuesday, November 14, 2023.

The funding, comprising $3.2 million in equity and over $4 million in debt, was led by Ventures Platform and MaC Venture Capital.

Wicrypt Network, a Nigerian decentralized mobile internet sharing and monetization network, has broadened its collaboration with peaq, a blockchain designed for real-world applications.

Established in 2018, Wicrypt pioneers decentralized WiFi internet sharing and monetization, allowing individuals to earn by sharing their WiFi.

Ripples Nigeria gathered that the startup is the first African company to create a peer-to-peer infrastructure for sharing mobile internet data independently of third-party integration.

A Nigerian agritech venture, UfarmX, has extended its foot into Senegal where it is looking to further deploy blockchain technology to empower smallholder farmers and reshape perceptions of agriculture as a contemporary and lucrative career choice for the younger generation.

Described as a “digital bridge” by CEO Alexander Zanders, UfarmX utilizes blockchain to connect rural, unbanked farmers with resources and markets, providing transparency and accessibility.

Ripples Nigeria gathered that the platform supports over 1,300 farmers and has expanded to Senegal through a strategic partnership with The SEED Project, founded by Basketball Africa League President Amadou Gallo Fall.

Zenith Bank of Nigeria, in collaboration with Seedstars, has unveiled Zecathon 3.0, a startup competition designed to identify, support, and mentor MVP-stage startups in Nigeria.

The competition boasts a prize pool of NGN59 million (US$73,000).

Beyond financial incentives, Zecathon 3.0 offers comprehensive business support, including training, mentorship, and networking opportunities with investors, facilitating the growth trajectory of participating startups.

Guideli, a startup founded by Nigerian students, Daniel Jayeoba and Oyebade Adepegba, has announced launching a settlement management tool aimed at streamlining the complex visa processes faced by immigrants in the United States.

Utilizing artificial intelligence, Guideli provides personalized relocation resources, guiding immigrants from pre-departure to settlement.

The Cofounder Daniel Jayeoba explained, “we leverage AI to offer tailored information and assist in drafting and managing visa applications, addressing the challenges we personally encountered when relocating to the US for our studies.”

Mafhoom Technologies, a startup dedicated to personal financial empowerment, has concluded its pre-seed funding round, securing an impressive 5 million UAE dirhams.

Operating from the prestigious Dubai International Financial Center (DIFC), this fintech innovator aims to redefine the landscape of personal finance management through its comprehensive intelligent app.

Accessible on both iOS and Android platforms, the app offers a range of features to optimize spending behavior, reduce bills, eliminate debt, enhance financial literacy, and achieve savings and investment goals.

South African insurtech startup, Pineapple, has announced raising $21.3 million in Series B funding, equivalent to ZAR400 million, to support its ongoing expansion.

Established in 2017, Pineapple offers customer services at 20% of the conventional insurance providers’ cost, allowing for significant premium savings.

The Series B funding round, led by new investors Futuregrowth, Talent10, and MIC, also saw continued support from existing backers, including Old Mutual ESD, Lireas Holdings, ASISA ESD Fund, and E4E Africa.

Nigerian edtech startup, AltSchool Africa, is set to enter its next growth phase after raising $3 million in April 2023.

The funding round, previously undisclosed, included participation from Angaza Capital, a venture capital firm co-managing the Rwandan Innovation Fund.

Guided by Intellecap, an advisory firm focused on Asia and Africa, AltSchool’s expansion strategy is fully funded by the Rwandan Innovation Fund.

KudiGo, Ghanaian fintech startup has introduced VerifiBuy, its social commerce platform, seeking to bolster trust in online transactions on social media.

Launched in November 2018, KudiGo has been instrumental in offering integrated mobile-based retail solutions across Ghana and Nigeria.

VerifiBuy, the latest addition, addresses the trust deficit in social media commerce by utilizing existing payment channels.

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